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| Metrics | Range | Conclusion |
|---|---|---|
| Selected LTM EBITDA Multiple | 50,2x - 55,5x | 52,8x |
| Selected Fwd EBITDA Multiple | 35,9x - 39,7x | 37,8x |
| Fair Value | ¥82,68 - ¥89,10 | ¥85,89 |
| Upside | 11,7% - 20,3% | 16,0% |
| Benchmarks | Ticker | Full Ticker |
| Integrity Technology Group Inc. | 688244 | SHSE:688244 |
| Hangzhou Hopechart IoT Technology Co.,Ltd | 688288 | SHSE:688288 |
| Shandong Cvicse Middleware Co.,Ltd. | 688695 | SHSE:688695 |
| Kingdee International Software Group Company Limited | 268 | SEHK:268 |
| GuoChuang Software Co.,Ltd. | 300520 | SZSE:300520 |
| Shanghai Suochen Information Technology Co.,Ltd. | 688507 | SHSE:688507 |
| - | - | - |
| Select LTM EBITDA Multiple | |||||||
| Benchmark Companies | |||||||
| 688244 | 688288 | 688695 | 268 | 300520 | 688507 | ||
| SHSE:688244 | SHSE:688288 | SHSE:688695 | SEHK:268 | SZSE:300520 | SHSE:688507 | ||
| Historical EBITDA Growth | |||||||
| 5Y CAGR | 38.3% | -25.1% | 10.4% | NM- | NM- | NM- | |
| 3Y CAGR | -51.2% | 14.7% | -2.5% | NM- | NM- | 11.6% | |
| Latest Twelve Months | 3.5% | 141.5% | -37.8% | 51.8% | -535.2% | 324.3% | |
| Historical EBITDA Profit Margin | |||||||
| 5 Year Average Margin | 8.5% | -4.6% | 34.5% | -7.6% | 3.9% | 13.0% | |
| Prior Fiscal Year | 1.5% | -9.5% | 40.0% | -5.0% | 1.8% | 7.3% | |
| Latest Fiscal Year | 1.7% | 3.1% | 23.0% | -2.2% | -1.6% | 26.3% | |
| Latest Twelve Months | 1.7% | 3.1% | 23.0% | -2.2% | -11.0% | 26.3% | |
| Current Trading Multiples | |||||||
| EV / LTM Revenue | 10.57x | 7.29x | 11.16x | 5.52x | 3.34x | 12.64x | |
| EV / LTM EBITDA | 614.8x | 235.6x | 48.4x | -251.8x | -30.4x | 48.0x | |
| EV / LTM EBIT | 1632.5x | -748.8x | 52.9x | -150.6x | -25.4x | 62.7x | |
| Low | Mid | High | |||||
| Benchmark EV / LTM EBITDA | -251.8x | 48.4x | 614.8x | ||||
| Historical EV / LTM EBITDA | 48.0x | 95.4x | 142.7x | ||||
| Selected EV / LTM EBITDA | 50.2x | 52.8x | 55.5x | ||||
| (x) LTM EBITDA | 100 | 100 | 100 | ||||
| (=) Implied Enterprise Value | 5,008 | 5,272 | 5,535 | ||||
| (-) Non-shareholder Claims * | 1,913 | 1,913 | 1,913 | ||||
| (=) Equity Value | 6,921 | 7,185 | 7,448 | ||||
| (/) Shares Outstanding | 88.5 | 88.5 | 88.5 | ||||
| Implied Value Range | 78.22 | 81.20 | 84.18 | ||||
| FX Rate: CNY/CNY | 1.0 | 1.0 | 1.0 | Market Price | |||
| Implied Value Range (Trading Cur) | 78.22 | 81.20 | 84.18 | 74.05 | |||
| Upside / (Downside) | 5.6% | 9.7% | 13.7% | ||||
| Equity Waterfall | |||||||
| Benchmark Companies | |||||||
| (in millions) | 688244 | 688288 | 688695 | 268 | 300520 | 688507 | |
| Enterprise Value | 3,844 | 3,819 | 2,168 | 33,976 | 5,853 | 4,639 | |
| (+) Cash & Short Term Investments | 182 | 155 | 505 | 3,642 | 779 | 1,901 | |
| (+) Investments & Other | 0 | 0 | 0 | 2,494 | 424 | 81 | |
| (-) Debt | (15) | (172) | (11) | (253) | (728) | (20) | |
| (-) Other Liabilities | 0 | 0 | 0 | (79) | (114) | (48) | |
| (-) Preferred Stock | 0 | 0 | 0 | 0 | 0 | 0 | |
| (-) Other | 0 | 0 | 0 | 0 | 0 | 0 | |
| Value of Common Equity | 4,011 | 3,803 | 2,662 | 39,781 | 6,213 | 6,552 | |
| (/) Shares Outstanding | 101.5 | 99.4 | 85.1 | 3,546.8 | 289.5 | 88.5 | |
| Implied Stock Price | 39.51 | 38.25 | 31.30 | 11.22 | 21.46 | 74.05 | |
| FX Conversion Rate to Trading Currency | 1.00 | 1.00 | 1.00 | 0.94 | 1.00 | 1.00 | |
| Implied Stock Price (Trading Cur) | 39.51 | 38.25 | 31.30 | 11.94 | 21.46 | 74.05 | |
| Trading Currency | CNY | CNY | CNY | HKD | CNY | CNY | |
| FX Rate to Reporting Currency | 1.00 | 1.00 | 1.00 | 0.94 | 1.00 | 1.00 | |